Growing Local Businesses the Goal of Two New Contests

Chris DeSimone (at podium) announces the Roanoke Star Tank.
Chris DeSimone (at podium) announces the Roanoke Star Tank.

Two contests designed to help nurture start-up businesses in the Roanoke area are under way, with TV’s “Shark Tank” program as a model. That is, entrepreneurs or those looking to grow existing small businesses will have a chance to make their pitch to a panel – with winners receiving money raised from donations or having one of the panelists/investors agreeing to allocate start-up capital in return for a share of the equity.

The Roanoke Star Tank, announced at the six-month-old CoLab on Grandin Road, ends with an event there on November 6th, with panelists listening to pitches from finalists. Well-heeled local business people will decide then on investing, if they like what they hear. Virginia Western Community College is one of the sponsors of the Star Tank event.

Attorney Chris DeSimone is one of the driving forces behind the Roanoke Star Tank. “This allows [start-ups and existing businesses] to partner with local investors who are committed to long term growth and development,” said DeSimone; “It’s time that we did this. This is old-fashioned capitalism. That business will be accelerated.”

Even established businesses looking to speed up their ascent are eligible for the Star Tank; hopefuls can fill out an application at roanokestartank.com. There is no cost to participate. “Capital…connections…expertise,” DeSimone called it. “This puts the community in front of the right people.” Keeping jobs and bright minds in Roanoke is the idea, added DeSimone. “This is a long term approach to this issue.”

As many as 20 panelists may be part of the Star Tank, including developer Ed Walker and Cameron Johnson, a Roanoker who made his first million while still in high school. Delegate and business owner Sam Rasoul also spoke at the Star Tank announcement: “I grew up here in Roanoke [when] we suffered from something called the brain drain. [Now] we see Roanoke as thriving in so many different ways.”

Rasoul said the mindset about Roanoke needs to be shifted; it should not only be considered a great location to live or perhaps retire to, but a “great place to start or grow your business.” Change the paradigm said Rasoul, who wants entrepreneurs to come forward to take part in the Star Tank. “We’ve got investors for you. Roanoke is open for business.”

Cameron Johnson, a Patrick Henry High School graduate, made money early on selling Beanie Babies, then developing internet sites. Now the president of Magic City Ford, Johnson loves the idea of the Star Tank. He’s a panelist and is ready to invest – like he has done in the Silicon Valley and elsewhere. “I’d like to see this become the first annual event, or maybe something more than that,” added Johnson, “and [be] a consistent process.”

Meanwhile The Advancement Foundation, created by Annette Patterson, will hold The Gauntlet on January 15. From now through mid-October on the Rockethub.com “crowd funding” website, Patterson hopes to raise at least $10,000. That money will be doled out to winners of the Gauntlet event, where people with business ideas will make presentations to a group of panelists. Before January, hopefuls can also take part in several boot camps where they can get free business and marketing advice from successful local professionals, who can work on their Gauntlet pitch as well.

What’s the big difference here vs. the Star Tank? The Gauntlet is geared towards start-ups that have a “social return,” said Patterson, a business that wants to give something socially significant back. “Some sort of common good for the community,” said Patterson, who helped found the Barracudas inner city swim team at the Washington Park pool.

There are categories for high schoolers, college students and adults, said Patterson. “It’s pretty exciting.” Even those who don’t wind up with cash after the Gauntlet event next January will benefit from the advice they receive at the boot camps. “Really everybody [taking part] is going to win,” said Patterson.

By Gene Marrano

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